Russian President Vladimir Putin has proposed extending the term of the Russian central bank president, Elvira Nabiullina. Nabuillina has overseen the successful management of the economic crisis which included a severe devaluation of the Russian currency, the ruble, due to the collapse of the global price of crude oil and the combined effects of Western sanctions on the Russian economy due to the annexation of Crimea and the conflict in East Ukraine.
With the Russian economy growing again, albeit slowly, Nabuillina can be seen as the architect of the successful combination of currency devaluation, interest rate hikes, and reserve drawdowns which has seen Russia come out the other end of a very difficult economic period.
“The President has introduced the candidacy of Elvira Nabiullina to the State Duma, for her appointment to the post of Chairperson of the Russian Central Bank from June 24, 2017,” according to the statement.
Earlier today, Putin recommended the State Duma to extend Elvira Nabiullina’s authority as the Chairperson of the Central Bank. Her authorities as the current head of the regulator expire in June, reports Russian state news agency TASS.